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IIFL Loan Against Property
IIFL Loan Against Property (LAP), also known as Shakthi Loan Against Property is a multi-purpose loan that can come in handy to meet your financial needs against your residential or commercial property. It starts with an interest rate of 11.50% per annum. Borrowers can repay the IIFL LAP loan in a repayment period of up to 10 years. The maximum loan amount a borrower can get as a LAP from IIFL is up to Rs. 10 crore or up to 65% of the property value at a processing fee of 2% of the loan amount.
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IIFL Loan Against Property Interest Rate
IIFL offers easy and hassle-free documentation loan servicing all over India with easy repayment by EMIs through ECS and ACH. Salaried and self-employed applicants can apply for an IIFL LAP loan interest rate beginning at 11.50% per annum.
The IIFL loan against property rate of interest 2024 is mentioned below for your quick reference:
Rate Package | Rate of Interest |
---|---|
Floater | 11.50% p.a. onwards |
Fixed | 11.50% p.a. onwards |
IIFL Loan Against Property Eligibility Criteria
Getting a loan against property from IIFL Finance is pretty easy if you can adhere to the eligibility criteria set by the NBFC. These are general criteria based on the applicant’s age, income, credit score, and nationality.
Have a look at the table below to understand the IIFL loan against property eligibility:
Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
---|---|---|
Age Range (in years) | 21 - 70 years | 21 - 70 years |
Nationality | Indian Residents | Indian Residents |
Minimum Income Earned | Rs. 12,000 per month | Rs. 12,000 per month |
Credit Score | 750 or above (preferred) | 750 or above (preferred) |
IIFL Loan Against Property Fees and Charges
To recover the expenses met to process a loan against a property application, IIFL Housing Finance charges a nominal processing fee from borrowers. The table below enlists the updated IIFL loan against property processing fees and other charges:
Processing Fee | 2% of the loan amount |
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CERSAI Charges |
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Late Payment Charges | 18% p.a. of the outstanding EMI |
Cheque Dishonour Charges | Rs. 500 |
Collateral Evaluation Charges |
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Foreclosure Charges (Individual Applicant) |
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Foreclosure Charges (Non-Individual Applicant) |
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Prepayment Charges (Individual Applicant) |
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Prepayment Charges (Non-Individual Applicant) |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Take some time out to evaluate and compare interest rates and processing fees of IIFL Finance LAP and other leading banks and NBFCs to make an informed decision. For this purpose, we are now showing a comparison table for the same:
Bank/ NBFC Name | Rate of Interest | Processing Fee |
---|---|---|
IIFL Housing Finance | 11.50% p.a. onwards | 2% of the loan amount |
HDFC Bank | 9.50% - 11.00% p.a. | 1% of the loan amount (minimum of Rs. 7,500) |
Bajaj Housing Finance | 9.75% - 18.00% p.a. | Up to 4% of the loan amount + GST |
SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
Cholamandalam Housing Finance | 10.00% - 24.00% p.a. | 1% of the loan amount + GST |
Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
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Documents Required For IIFL Loan Against Property
If you are thinking of applying for an IIFL LAP, then make sure to first gather and submit some essential documents to prove your age, income, nationality, identity, address, and property. The complete list of IIFL loan against property documents required is mentioned below:
1. For Salaried Loan Applicants
- Address or Identity Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, etc.
- Income Proof: Salary Slips for 3 months, Bank Account Statements for 6 months, Latest ITR/ Form 16
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Processing Fee Cheque, Duly-Filled Application Form with recent passport size photograph, Appointment Letter
2. For Self-Employed Loan Applicants
- Address or Identity Proof: Aadhaar Card, PAN Card, Passport, and Voter ID Card
- Income Proof: ITR/ Form 16 for 3 years, Profit and Loss Account Statements and Balance Sheets for 3 years, Savings Account Statement/ Current Statement of the Business Entity for 6 months, Business Profile, Form 26AS
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
- Other Documents: Processing Fee Cheque, Duly Filled Application Form with a recent passport-size photograph, No Objection Certificate, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
Find LIC Housing Finance Offices Near You
If you are planning to visit one of the offices of LIC Home Loan near you to understand the LIC Home Loan Offer in details and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Yes, IIFL like any other lender pays attention to the applicant’s CIBIL score while approving a loan against a property application.
The approval process for an IIFL LAP typically takes between 7 to 10 working days. During this period, the NBFC officials check the documents submitted and evaluate the property kept at the mortgage.
No, as such there is no need to have any guarantor for an IIFL LAP.
Borrowers can repay EMIs for the IIFL Loan Against Property through Net Banking, ECH, ACH, Auto Debit, and Mobile Apps.
The minimum income required to avail of an IIFL LAP for salaried applicants is Rs. 12,000 per month and up to Rs. 2 lakhs per annum for self-employed applicants.
IIFL Loan Against Property can be availed by salaried individuals, self-employed professionals, and self-employed non-professionals.